Waterfront home sales on Lake Martin down slightly in January

Sales: According to the Lake Martin Area Association of Realtors, January waterfront sales decreased 7.1% year-over-year from 14 to 13 closed transactions, ending seven consecutive months of Y/Y gains. Following seasonal trends, sales decreased 58.1% from December.

For all of the Lake Martin Waterfront housing data, click here.

Inventory: Total homes listed for sale declined 52.1% year-over-year from 188 to 90 listings. Months of supply declined from 13.4 to 6.9, reflecting a market where buyers generally have slightly elevated bargaining power.

Pricing: The median sales price in January was $485,000, a decrease of 11% from one year ago and a decrease of 19.2% from December. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Lake homes sold in January averaged 167 days on the market (DOM), 54 days faster than January 2020.

Forecast: January sales were 16 units, or 55.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 29 sales for the month, while actual sales were 13 units.

Click here to view the entire monthly report.

The Lake Martin Area Waterfront only report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period January 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.

Share on facebook
Share on twitter
Share on linkedin
Share on email